A well-known cryptocurrency analyst and trader remains optimistic about Bitcoin’s future despite the recent drop below the $60,000 mark. Credible Crypto, known for insightful perspectives, conveyed to his 402,400 followers on X that he believes Bitcoin’s bullish momentum remains intact. He suggests that while Bitcoin is currently experiencing a correction, the long-term outlook remains positive, anticipating significant upward movements following this phase.

“Those purchasing now shouldn’t be overly concerned,” Credible Crypto advised. “As I’ve mentioned before, there’s potential for significant decline on higher time frames without jeopardizing the bullish trend. The next major target is $100,000 post-correction.”

Presently, Bitcoin is trading at $56,319, with an anticipated increase of nearly 80% if it reaches Credible Crypto’s projected target. However, he cautioned that the ongoing correction could intensify due to rising open interest levels, indicating increased leverage among traders seeking Bitcoin exposure.

Credible Crypto highlighted, “The combination of heightened open interest and Bitcoin holders selling on the spot market could sustain a prolonged downward trend. A short squeeze seems inevitable, yet fresh long positions amid spot-driven sell-offs may worsen the situation before improving.”

Regarding altcoins, Credible Crypto remarked, “If Bitcoin continues to decline, altcoins are likely to suffer. Some may experience significant sell-offs due to distribution phases, while others, having shown minimal gains from recent lows, may also face pressure. However, concerns should be relatively lower for these.”

Source: Credible Crypto/X

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